Econintersect: Here are some of the headlines we found to help you start your day. For more headlines see our afternoon feature for GEI members, What We Read Today, which has many more headlines and a number of article discussions to keep you abreast of what we have found interesting.
QE Infinity: Are we heading into the unknown? (CNBC) Markets are currently riding on the wave of uncertainty and speculation over whether the world's central banks will continue to pump in more and more cash into the economy though bond-buying programs known as quantitative easing (QE). But as we go deeper into the world of easy money from central banks, there are other areas of the economy that could see a knock-on effect. Alberto Gallo, head of macro strategies and manager of the Algebris Macro Credit Fund, describes this paradox as "QE infinity," whereby low rates and seemingly endless rounds of bond-buying programs encourage cheap borrowing, and investment in financial markets -- but not in the real economy.
For the Record: Polls are all wrong, says pollster (USA Today, MSN News) The latest YouGov/Economist poll has Hillary Clinton up by 3 nationwide. An Arizona poll shows Donald Trump up by 5 in the traditionally red state, while Clinton and Trump are too close to call in North Carolina, a state that went for Barack Obama in 2008 and Mitt Romney in 2012. All three polls are about as useful as mashing your palm down on the keyboard repeatedly, says Trump's campaign manager. Kellyanne Conway says people are simply lying to pollsters.
State-run retirement plans made easier under new Obama rules (Employee Benefit News) States and large cities can more easily establish their own retirement programs for private-sector workers under new rules the Obama administration announced Thursday, which are aimed at expanding the number of Americans with access to tax-advantaged savings accounts. The rules may also apply new pressure on financial advisers to lower their fees. One-third of U.S. workers currently have no access to an employer-run retirement savings plan, including half of those at firms with fewer than 50 employees and more than 60% of part-time workers as of March 2016, according to Labor Department data. Some state governments have suggested creating savings programs that combine the best features of 401(k)s and pensions to lower costs, provide retirees steadier income and reach workers whose employers don't offer benefits.
Turkey ratchets up Syria offensive, says warplanes hit Kurdish militia (Reuters) Rebels supported by Turkey fought Kurdish-backed forces in northern Syria on Saturday, as Ankara ratcheted up its cross-border offensive by saying it had launched air strikes against both Kurdish forces and Islamic State. Turkey's government, which is fighting a Kurdish insurgency at home, has said the Syrian campaign it opened this week is as much about preventing Kurdish militia fighters from gaining territory in Syria as about pushing back Islamic State.
President Putin Must Take Control of the Bank of Russia (KATEHHON) Hat tip to Tom Hickey and Roger Erickson. This Russian blogger says that a mistake was made under Boris Yeltsin when the Russian government gave up control of the Bank of Russia to private interests. He says:
President Putin must immediately take back control over the Bank of Russia and monetary policy. This can be done by collecting a 2/3 majority in the Duma and passing an emergency law that re-subjugates the Bank of Russia to government. Then, the Bank of Russia would cease to work for foreign bankers and governments and start working for Russia. I am sure that the opposition parties would support such a step, as would even the oligarchs and businessmen (if they are not bought by USA) insofar as such would benefit business and investments. Just look at the Chinese. They also have bankers and oligarch-businessmen too, but they are Chinese first and foremost, and proud of it. They do not betray China for dollars. I hope the Russians can be as patriotic as they are, and then Russia will be stronger, which is good for Novorossia too!
BOJ's Kuroda Says Ready to Ease as Jackson Hole Debates Options (Bloomberg) Bank of Japan Governor Haruhiko Kuroda said he won't hesitate to boost monetary stimulus if needed, reiterating a pledge during an annual policy retreat in Jackson Hole, Wyoming, at which central bankers stressed their need for backup from fiscal policy. In general, though, central bankers want more help from fiscal policy makers.
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